Empower profit climbs 10.6% to AED 762.2 million in nine months

Summary

• Empower posted AED 762.2 million in nine-month net profit after tax, up 10.6% year on year.
• Revenue rose a slower 4.6% to AED 2,705.9 million as contracted capacity reached 2.06 million refrigeration tons.
• Earnings outpacing sales points to margin gains while the company paid shareholders AED 875 million in 2026.

The latest

Nine-month net profit after tax at Emirates Central Cooling Systems Corporation reached AED 762.2 million, a 10.6% increase on the AED 689.2 million booked a year earlier, according to results filed with the Dubai Financial Market on 5 November 2026. Revenue grew more slowly, rising 4.6% to AED 2,705.9 million. Chief Executive Ahmad bin Shafar said the numbers reflect the strength of Empower's business model.

Details

• The headline numbers: For the nine months ended 30 September 2026, revenue reached AED 2,705.9 million against AED 2,586.3 million a year earlier, while profit before tax rose 10.6% to AED 837.6 million from AED 757.2 million, according to the filing. Net profit attributable to shareholders was AED 756 million against AED 681 million.
• Margins and cash: EBITDA rose 5.4% to AED 1,232.7 million from AED 1,169.0 million, a slower pace than the bottom line. Operating cash flow climbed 8.0% to AED 1,415.3 million from AED 1,310.3 million, outgrowing revenue over the same nine-month stretch.
• Third quarter: Revenue in the three months to September reached AED 1.19 billion, up 4.7%, with EBITDA near AED 459 million, up 2.1%, and net profit after tax of AED 294 million, up 2.7%. Each quarterly growth rate ran below the nine-month equivalent.
• Balance sheet: Cash and cash equivalents stood at AED 2.84 billion on 30 September 2026, against net debt of about AED 2.66 billion, equal to 1.6 times trailing twelve-month EBITDA, the company reported.
• Shareholder payouts: Empower distributed AED 875 million during 2026 in two equal instalments of AED 437.5 million, paid in April and October at AED 0.04375 per share each time. The filing did not set out a payout schedule beyond those two instalments.
• Capacity growth: Contracted capacity reached 2.06 million refrigeration tons, roughly 110,000 tons higher than in December 2025, while connected capacity reached 1.74 million refrigeration tons, up about 84,000 tons. The gap between contracted and connected volumes represents demand already signed but not yet flowing.
• New agreements: The company signed 94 new agreements over the nine months within its existing concession areas. The largest disclosed were 37,000 refrigeration tons with Binghatti in the third quarter and 15,200 tons with Meraas for the third phase of City Walk.
• Ownership: Empower is listed on the Dubai Financial Market, with Dubai Electricity and Water Authority and Dubai Holding as shareholders in the district cooling operator.

Background

District cooling providers sell chilled water to buildings under long-dated concession contracts, so revenue follows construction and occupancy cycles in Dubai. Contracted capacity signed today typically converts into connected, billed capacity only once the buildings it serves are delivered.

Between the lines

Profit rising 10.6% against 4.6% revenue growth, with EBITDA up only 5.4%, indicates the gain is concentrated below the operating line rather than in pricing. The 320,000-refrigeration-ton gap between contracted and connected capacity is a booked pipeline that has yet to reach the income statement, while net debt at 1.6 times EBITDA sits alongside AED 2.84 billion in cash and AED 875 million already returned to shareholders this year.

What's next

Watch the full-year 2026 results filing for whether fourth-quarter growth tracks the slower third-quarter pace, how much contracted capacity converts to connected capacity, and whether the board proposes a further distribution.

Source: Dubai Financial Market filing, Al Bayan